It can be intimidating to pick a forex trading platform when you 1st start out trading – right here are some characteristics that any great forex trading platform should have:
Security
Does the forex broker supply information about the safety measures of its platform? Your trading and private information should really be encrypted, so that your funds and identity are safe, regardless of whether you are paying and getting paid by means of PayPal or on the web bank transfers.
The forex broker ought to also supply suggestions on how to improve your online safety – I’d be really suspicious of one particular that didn’t since they may be creating themselves liable if there are any troubles.
Also, are there backup systems where your data can be stored in case of an IT difficulty?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.5 days a week, appear for something that you can use frequently. Even when the market is closed, you want to be capable to place orders to open when the market does.
The trading platform must also be efficient – if it is slow then the prices at which you are trading might be out of date. A fantastic forex trading platform really should update many instances a second.
One particular-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that offers a single-click trading will let you to obtain or sell forex contract with a single click, which suggests there’s no have to have to deal a ticket, and you won’t miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it quick to understand, or can it only be interpreted by a Wall St retiree? Appear for a platform exactly where it is
uncomplicated to search for your marketplace, and, if you want to trade much more than forex, appear for one that also permits you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can forex robot be accessed using different browsers and unique clever-telephone handsets.
Fundamentally, does it do what you require? A very good forex trading platform ought to be customisable to suit your trading strategy – does it enable automated trading, and does it enable you to micromanage each trade. The trading platform ought to be capable to alert you to fantastic trading opportunities, as nicely as accept complicated orders, including the several stops and profits that the forex broker delivers, so you can very easily minimise your threat even though maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how simple is it to navigate? And, if you want to trade from your iPhone or Blackberry, can you access these from your handset? And, can you trade straight from the charts, or do you want to deal a ticket?
Based on your level of practical experience, you may well want a charting package with a pattern recognition tool that will monitor the markets on your behalf, and could even let you know when the chart patterns are indicating trading opportunities.
And, if you want to trade forex throughout the day, it is crucial that the charts are updated in true-time.
Marketplace Evaluation
Does your forex broker supply market analyses, and is this obtainable utilizing their trading platform or do you need to stop by their web-site?
A excellent forex trading platform really should include market evaluation tools, which includes news feeds, in-house study and third-celebration investigation. As info is power, you want to be capable to access as much of it as attainable, and to have access to it without having crawling the web for the information you want.
Any trading that provides marketplace evaluation ought to also have historical data readily available, so you can see how the forex was impacted when a comparable scenario occurred.
Cost
Is the platform cost-free? Several on-line forex trading platforms supplied by reliable brokers are free of charge, and your only expenses will be if you make a loss.
If forex trading software isn’t totally free, or if there is a nominal charge, locate out what the added added benefits are. And, if it isn’t totally free, is there a funds-back assure if you are not content with the application?
Cost, 2
Does the trading platform present the exact same pip spreads as the broker has advertised, or do you need to telephone to get the ideal deal?
A pip is a .0001 unit of currency, and the pip spread is the difference between the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the purchase price is 1.0579. For any spread, the price tag of the currency requires to make up the difference of the spread just before you can make a profit. So, in the example, if you invest in at 1.0579, the AUD only needs to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a three pip spread, the currency would have to move by 4 pips just before you made a profit.
Client help
Is your forex broker just interested in having you an account, or do they provide ongoing assistance for clients making use of the trading platform?
You should really be able to email and/or phone your broker with inquiries ranging from placing trades to the button on your trading platform that isn’t carrying out what you want.